Coinstar and Cash Technologies Announce Joint Settlement Agreement.BELLEVUE, Wash.--(BUSINESS WIRE)--Oct. 12, 1999-- Coinstar Inc. (Nasdaq:CSTR CSTR Centre for Speech Technology Research CSTR Canister CSTR Continually Stirred Tank Reactor CSTR Center for Software Testing Research (Florida Tech) CSTR Combat System Trial Rehearsal (US DoD) ) and Cash Technologies Inc. (Nasdaq:CHNG CHNG Change ), parent company of CoinBank Automated Systems Inc., today announced they have resolved litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. involving patent infringement patent infringement n. the manufacture and/or use of an invention or improvement for which someone else owns a patent issued by the government, without obtaining permission of the owner of the patent by contract, license or waiver. claims and counter-claims originally filed by Coinstar on June 18, 1997. The agreement provides for the dismissal of each party's respective claims in the litigation and effectively ends the dispute over the patents-in-suit. "We are pleased with the dismissal of the patent infringement lawsuit," said Bruce Korman, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Cash Technologies Inc. "This agreement allows us to concentrate our energies on our business plan, particularly the completion and upcoming deployment of our EMMA EMMA Engstrom Multigas Monitor for anesthesia. (tm) e-commerce transaction processing system A Transaction Processing System (TPS) is a type of information system. TPSs collect, store, modify, and retrieve the transactions of an organization. A transaction is an event that generates or modifies data that is eventually stored in an information system. ." "We agree that this settlement is in the best interests of both companies," said Dan Gerrity, president and COO of Coinstar Inc. "It brings closure to all the issues in dispute and eliminates the potential costs and distractions implicit in continuing the litigation. We want to stay focused on the business of growing and operating our coin processing network." Cash Technologies Inc. (www.cashtechnologies.com) develops and markets innovative e-commerce kiosks and systems, including the EMMA transaction processing software, the multifunction ATM-X automated teller machine automated teller machine (ATM), device used by bank customers to process account transactions. Typically, a user inserts into the ATM a special plastic card that is encoded with information on a magnetic strip. (ATM) and the CoinBank advanced self-service coin counter. The company also provides computerized cash processing services to banks, armored carriers, rapid transit agencies and other cash-intensive businesses. Coinstar and its subsidiaries provide consumers and retailers with value-added services that increase customer loyalty and retailer profitability. The Coinstar network currently delivers the company's self-service coin counting product to more than 6,400 leading supermarkets in 38 states, the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). , the United Kingdom and Canada. Consumers can call 1-800/928-CASH, or visit http://www.findcoinstar.com for the location of the nearest Coinstar machine. Matters discussed in this release include forward-looking statements about Cash Technologies Inc. that involve risks and uncertainties, and actual results may be materially different. Factors that could cause actual results to differ include activity levels in the securities markets and other risk factors disclosed in Cash Tech's reports to the Securities and Exchange Commission, including its Form 10-QSB and Form 10-KSB on file with the SEC. In addition to historical information contained herein, this news release contains forward-looking statements about Coinstar Inc. that involve risks and uncertainties. Coinstar's future actual results could differ materially from the forward-looking statements discussed herein. Factors that could cause or contribute to such differences include, but are not limited to, success in the timely deployment of a substantial number of additional Coinstar units, consumer awareness and demand for Coinstar's coin processing service, success in expanding its network and managing its growth and its ability to protect its patents and proprietary rights as well as other risks discussed under "Risk Factors" included in Coinstar's Registration Statement, as amended, on Form S-3 (NO.333-79073), its Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and other reports filed with the Securities and Exchange Commission. |
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